Chinese City of Nanjing Launches $1.5 Billion Government Blockchain Fund

More news of China’s increased interest in blockchain technology comes out of Nanjing today, July 23rd. The capital of China’s Jiangsu province has launched an investment fund totaling $1.48 billion for tokenized blockchain projects, ZNET reports.

The new fund is reported to have been formed by a Beijing-based alliance composed of blockchain companies and government research institutes called the Zhongguancun Blockchain Industry Alliance. The 10 billion yuan fund was announced at the first annual Industrial Public Chain Summit. The event was attended by a number of high-ranking government officials including Luo Qun, deputy secretary of the Communist Party of China in Nanjing.

The fund will primarily be directed towards the UDAP Foundation and TokenX Community, and will be aimed at developing blockchain technologies in cross-border platforms, content, healthcare, energy, intellectual property and environmental protection.

China continues to be a global leader in government-backed investments in blockchain technology. The country’s President, Xi Jinping, was quoted in May saying, “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications.”

The chairman of the Zhongguancun Blockchain Industry Alliance stated that industries adopting blockchain technology will have a cascading effect bringing in greater industry adoption and more technological breakthroughs.

Today’s news from Nanjing has come paired with reports that China’s 3 biggest telecom companies have also launched a joint blockchain research group which aims to capitalize on the projected billion dollar blockchain telecom industry.

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